Europe is seriously ill – Deutsche Bank demands £133BILLION slush fund from EU taxpayers – Troubled Deutsche Bank has demanded the EU set aside a huge slush fund to save the continent’s financial system from collapse.
The news comes after British CEO John Cryan today warned of rapid restructuring as the bank posted a two per cent profit amid its weakening position.
According to German media, David Folkerts-Landau, Deutsche Bank’s Chief Economist, said a €150bn (£133bn) pot of cash could be enough to recapitalise the banks.
In a bizarre interview Mr Folkerts-Landau said “Europe is seriously ill” and demanded the EU look at bending new rules to avoid disaster.
He told Welt.de: “In Europe the programme does not have to be so big.
“With 150 billion euros, the European banks can be recapitalised.
Strictly adhering to the rules would cause greater damage than suspending them.
“Europe is seriously ill and has to deal with the existing problems extremely fast, otherwise a crash will be imminent.”
The news comes as Germany’s largest lender set aside €1billion euros in a litigation battle fund this morning as it gets set to face legal action around the world after the International Monetary Fund slammed it this summer.
The bank said attention around negotiations concerning the DOJ settlement had an ‘unsettling effect.’ (full story via express.uk)
PS I’d never thought, Germans had such a great sense of humor.